Board Resolution 1963-5639

Meeting room

Topic: Creditable Service
Subtopic: School Nurses
Date: 9/27/1963
Status: Active

WHEREAS, School nurses who were covered under the Teachers’ Retirement System prior to August 8, 1961, by virtue of being certified under the Illinois Public Health Nursing Act, were forced under IMRF after August 8, 1961 because of repeal of that Act, and

WHEREAS, Adoption of Senate Bills 553 and 554 by the General Assembly, permits these nurses to transfer their credits accumulated under IMRF back to the Teachers’ Retirement System, and

WHEREAS, of the 262 nurses who were forced under IMRF, to date 96 have applied to have their credits so transferred, and

WHEREAS, the law requires that the amount contributed by the nurse, (after deducting Social Security Taxes) plus interest at 3% per annum to the effective date of transfer, shall be paid directly to the Teachers’ Retirement System, and

WHEREAS, the method to be used in computing interest to be transferred must be defined, therefore be it

RESOLVED, that the interest to be transferred shall include interest accumulated on each nurse’s account as of December 31, 1962, plus interest on the January 1, 1963 balance, at the rate of 3% per annum from January 1963 through September 30, 1963.